Page:United States Statutes at Large Volume 98 Part 1.djvu/654

 98 STAT. 606

PUBLIC LAW 98-369—JULY 18, 1984 "(B) there shall be allowed as a deduction any amount paid by the Fund described in paragraph (4)(B) (other than to the taxpayer). "(3) CONTRIBUTIONS TO FUND.—The Fund shall not accept any payments (or other amounts) other than payments with respect to which a deduction is allowable under subsection (a). "(4) USE OF FUND.—The Fund shall be used exclusively for— "(A) satisfying, in whole or in part, any liability of any person contributing to the Fund for the decommissioning of a nuclear powerplant (or unit thereof), and "(B) to pay administrative costs (including taxes) and other incidental expenses of the Fund (including legal, accounting, actuarial, and trustee expenses) in connection with the operation of the Fund. "(5) PROHIBITIONS AGAINST SELF-DEAUNG.—Under regulations prescribed by the Secretary, for purposes of section 4951 (and so much of this title as relates to such section), the Fund shall be treated in the same manner as a trust described in section 501(c)(21). "(6) DiSQUAUFiCATiON OF FUND.—In any case in which the Fund violates any provision of this subsection or section 4951, the Secretary may disqualify such Fund from the application of this subsection. In any case to which this subparagraph applies, the Fund shall be treated as having distributed all of its funds on the date such determination takes effect. "(7) TERMINATION UPON COMPLETION.—Upon substantial completion of the nuclear decommissioning of the nuclear* powerplant with respect to which a Fund relates, the taxpayer shall terminate such Fund. "(f) NUCLEAR POWERPLANT.—The term 'nuclear powerplant' includes any unit thereof." (2) CONFORMING AMENDMENT.—The table of sections for subpart C of part II of subchapter E of chapter 1 is amended by adding at the end thereof the following new item: "Sec. 468A. Special rules for nuclear decommissioning costs."

(d) 10-YEAR NET OPERATING Loss CARRYBACK PERIOD FOR DEFERRED STATUTORY OR TORT LIABILITY DEDUCTIONS.—

26 USC 172.

(1) IN GENERAL.—Paragraph (1) of section 1720b) (relating to years to which loss may be carried) is amended by adding at the end thereof the following new subparagraph: "(K) SPECIAL RULE FOR DEFERRED STATUTORY OR TORT U ABILITY LOSSES.—In the case of a taxpayer which has a

deferred statutory or tort liability loss (as defined in subsection (k)) for any taxable year beginning after December 31, 1983, the deferred statutory or tort liability loss shall be a net operating loss carryback to each of the 10 taxable years preceding the taxable year of such loss." (2) DEFERRED STATUTORY OR TORT LIABILITY LOSSES.—Section

26 USC 172.

172 is amended by redesignating subsection (k) as subsection (1) and by inserting after subsection (j) the following new subsection: "(k) DEFINITIONS AND SPECIAL RULES RELATING TO DEFERRED STATUTORY OR TORT LIABILITY LOSSES.—For purposes of this section— "(1) DEFERRED STATUTORY OR TORT LIABILITY LOSS.—The term

'deferred statutory or tort liability loss' means, for any taxable year, the lesser of—

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